SIGA passes commercial milestone in delivery of smallpox antiviral drug

SIGA Technologies, Inc., a pharmaceutical company that develops drugs to protect against pathogens and biological weapons, announced a significant commercial milestone on Tuesday with the third delivery of its smallpox antiviral drug.

Arestvyr is one of the first novel drugs to be developed, procured and delivered to the Strategic National Stockpile under Project BioShield. In the past five months, SIGA cumulatively delivered approximately 590,000 courses of Arestvyr to the SNS, meeting a key requirement of its contract with the Biomedical Advanced Research and Development Authority.

SIGA qualified for a payment of approximately $79 million for the courses delivered to date. BARDA contracted with SIGA for 2,000,000 courses of Arestvyr in total.

In May, Eric Rose, SIGA's chairman and CEO, alluded to the 500,000 course milestone.

"We are very pleased that, again, we have timely delivered quality product to the Strategic National Stockpile," Rose said. "Our second delivery of nearly 200,000 courses of Arestvyr puts us another step closer to one of our important milestones: BARDA's acceptance of the first 500,000 courses of the 2,000,000 contracted-for courses of Arestvyr. When we pass that milestone, which we expect to do in the near future, we will be entitled to invoice BARDA and begin collecting payments for our product deliveries."

Arestvyr was developed to serve as a therapeutic drug for treatment of smallpox, whether the result of biowarfare, a new natural outbreak or from a terrorist attack. The investigational new drug is not yet approved or licensed as safe and effective by the U.S. Food and Drug Administration.